Insolvency practitioners handling companies engaged in import and export activities must understand and fulfil customs obligations on behalf of those businesses. These responsibilities include managing customs duties, documentation, and compliance requirements that continue even when a company enters insolvency proceedings. Practitioners need to ensure goods in transit or held in inventory are properly declared and duties are paid or deferred according to customs regulations. Failure to meet these customs responsibilities can result in additional penalties and complications to the insolvency process.
Source: HMRC (GOV.UK) – Read the original